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EMEA IoT Market to Reach $211.92 Billion by 2021
February 6, 2017 | Business WireEstimated reading time: 1 minute
The EMEA IoT market is projected to grow from $53.88 billion in 2016 to $211.92 billion by 2021, at a CAGR of 31.5% from 2016 to 2021. The market is witnessing significant growth owing to the increasing number of smartphone users, rise in smart city projects, and availability of high speed network connections. However, high cost of IoT solutions is acting as a restraint to the growth of the EMEA IoT market.
Based on component, the platform segment is projected to grow at the highest CAGR during the forecast period. This expected high growth is mainly attributed to the increased use of personalized devices, such as smartphones and tablets.
Based on application, the smart mobility & transportation segment is projected to lead the EMEA IoT market from 2016 to 2021. The rapid growth in population and urbanization will lead to growth of this segment's market across regions. With increasing population and the resultant increase in vehicles, maintaining smooth traffic flow will be essential, which will create a need for smarter technologies in the transportation domain.
Saudi Arabia is expected to lead the Middle East and Africa IoT market during the forecast period. Growth of the market in Saudi Arabia is driven by the increasing availability of high speed mobile networks, growing internet penetration, and rising smartphone adoption. Germany is expected to lead the Europe IoT Market due to high internet penetration and ongoing numerous smart city projects in the country.
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